Apple said to team up with Visa, MasterCard on iPhone wallet
Apple plans to turn its next iPhone into a mobile wallet through a partnership with major payment networks, banks and retailers, according a person familiar with the situation.
The agreement includes Visa, MasterCard and American Express and will be unveiled Sept. 9 along with the next iPhone, said the person who asked not to be identified because the talks are private.
The new iPhone will make mobile payment easier by including a near-field communication chip for the first time, the person said. That advancement along with Touch ID, a fingerprint recognition reader that debuted on the most-recent iPhone, will enable consumers to securely pay for items in a store with the touch of a finger.
While companies including Google have invested in creating ways for phones to make payments in a physical store, U.S. retailers have been slow to adopt the technology, thus limiting its use by shoppers, according to Ben Bajarin, an analyst for Creative Strategies in San Jose, Calif. That could change with Apple entering the market because iPhones have the largest market share in the U.S., he said.